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Dollars and Cents

Loans and Debt

QuestionAnswer
Home Loan Closed-end installment loans for the purchase of a home.
Home Equity Loan A loan using ownership interest in the home.
Home Improvement Loan A loan that helps make needed repairs or improvements to a home.
Vehicle Loan A secured loan for the purchase of a new or used vehicle.
Personal Line of Credit Open-ended, unsecured, can draw upon it when needed to a preset limit.
Education or Student Loan Used to pay for higher education, has lower interest rates and flexible repayment schedules.
Consumer Finance Company Businesses that specialize in making small of personal loans.
Insurance Policy Loan A policy holder borrowers money against the amount that has already be paid in premiums.
Down Payment A portion of the purchase price paid by cash or check at the time of purchase, reducing the amount borrowed.
Balloon Payment A final payment that is much larger than other installments.
Acceleration Clause Gives the seller the right to declare the whole balance due if the buyer misses one installment payment.
Add On Clause Allows additional purchased to be added to a contract, with earlier purchases used as security for later ones.
Credit Life Insurance Is designed to pay off the loan in the even to your death.
Right of Rescission If pledging your home as security for a loan or other credit transactions, have the right to cancel the loan within 3 business days.
Default The failure to fulfill the obligations of the loan.
Repossession Taking away property due to failure to make loan or credit payments.
Collection Agency A business that collects unpaid debt for others.
Lein A claim upon property to satisfy a debt when the home is sold.
Garnishment The legal withholding of a specified sum from a person’s wages in order to collect a debt.
Payday Loans Shrot-term, high interest rate loans
Pawn Broker Allows a consumer to trade an item for cash, have the option to purchase the back at a higher price
Loan Shark An unlicensed individual that operates illegally, provides loans with an excessive interest rate
Fair Debt Collection Practices Act Prevents companies to use abusive practices of debt collection, over charging, and disclosing consumer debt to third parties
Chapter 7 Requires the sale of personal property to satisfy debt
Chapter 13 Sets up a payment plan to pay off some or all of the debt over time
Created by: tlahr